I keep hearing this, especially from the Cappuccino guys, and it strikes me as a bit of a stretch. For it to be true, HTML/JS/CSS would have to stretch dramatically to accommodate all the functionality of existing OS frameworks, except they'll also have to be platform independent. Even if this happens, it'll be yet another layer on top of the current stacks, but will have to perform as well as software written for the layer below.
It might be plausible, but I don't think it's a given. "The web" has barely gotten around to doing roundrects easily, let alone have the abilities to allow you to implement something like InDesign, Maya or Cubase using its technologies.
"Some apps"? Sure. "Most apps"? I can even see that -- consumer apps and basic business apps the web can do really well. But "all apps"? [citation required].